Interview

Shiller and Gundlach Size Up the World

Jeffrey Gundlach and Robert Shiller see opportunities in stocks and bonds. Housing inflation in Norway.

At first glance, Robert Shiller and Jeffrey Gundlach make an odd pair. Shiller, recently awarded the Nobel Prize in economics for his "empirical analysis of asset prices," is soft-spoken and has the professorial demeanor befitting a Yale academic. Indexes bearing his name for stock valuations and home prices have become part of the nation's financial lexicon. Gundlach is a brash, sometimes bombastic bond titan. He is CEO of DoubleLine Capital, a Los Angeles asset manager with $53 billion in assets, mostly in fixed income. But the two have plenty in common. Gundlach, for instance, did doctoral work in...